Energy storage company 1414 Degrees has appointed former oil and gas executive Matthew Squire as its new Chief Executive Officer in a move the company hopes will strengthen its future growth plans.
1414 Degrees, which is based in Adelaide, has developed its own Thermal Energy Storage Systems (TESS) technology which uses silicon to provide high temperature storage and regeneration, which it says can boost the efficiency of renewable generation and stabilise grid supply.
The company’s name refers to the extremely high melting point of silicon, 1414° Celsius, which, when combined with its similarly high energy density, means that silicon thermal storage systems can hold much more energy than other phase change materials.
1414 Degrees bought the site of the Aurora Solar Energy Project in South Australia’s Port Augusta, from failed US project developer SolarReserve which had intended to develop Australia’s first large scale solar thermal and storage project.
It has since signed a Memorandum of Understanding with Australian concentrated solar power (CSP) technology company Vast Solar in a move to explore the possibility of adding a modular CSP component to the project.
In April of this year 1414 Degrees revealed it is considering doubling the storage capacity of the energy storage component of the Aurora Energy Project to 140MWh, while potentially holding off on the solar component, all in an effort to improve the project’s business case.
The company said Squire has had extensive experience over his 20 years career in the oil and gas, power generation, and broader energy sector working for Australian and international publicly listed companies including Beach Energy, QGC, BG Group, Santos, and Origin Energy.
Most recently, Squire was head of corporate development and Strategy at Beach Energy, an Australian oil and gas exploration and production company.
“Matt is ideally placed to lead the future direction of 1414 Degrees as we strive to make clean energy affordable and available to all,” said Tony Sacre, 1414 Degrees Chair, who expects Squire’s appointment as company CEO to further strengthen the company’s growth plans.
“He is highly experienced in growing shareholder value via sustainable profitable investments, with a proven track record of successful business development outcomes for some of Australia’s largest companies in our sector.”